The following a guest post from Marissa over at Thirty Six Months, where she talks about student debt, investing,and different ways to save.
A follow up to Justin’s post earlier about how you can get $100, here are 9 smart things you can do when you get said $100. Obviously this is assuming that all your bills are paid off and you have no debt on the horizon. If you have something that you want to save for, that would take precedence over any of the items listed below.
1) Invest.
This will involve careful research and planning, as you want your money to go somewhere worthwhile. This could be starting a Roth IRA, buying bonds, stocks, high interest savings account or anything else that makes you deposit your money and earn interest. This is a great way to grow your money, provided you know that will take a really long time.
2) Invest in books.
I am a firm believer that reading and education is the best gift that one can give themselves. Hop on over to a bookstore and find titles that you are interested in. FYI- your money will go a lot further with eBooks or books from a second hand store.
3) Take a class.
This is the same concept as above. This will allow you to hone certain skills. I normally scan online or the newspaper for weekend classes in areas that I have an interest in. I took a Photoshop class, a sushi making class, and a sewing class. Obviously I am not an expert in all of these areas, but now I have a basic understanding of what is going. Toastmaster is another class that may be of interest; not only will it allow you to hone your public speaking skills, but it allows for a great networking opportunity as well.
4) Fix something in your home or car.
I have 3 doorknobs in my house that don’t match, but they serve their purpose. Investing in something like that will not only increase the value of your home, but it will make it aesthetically pleasing. Painting, planting, replacing a bit of trim, all have the same result.
5) Donate.
6) Start an emergency fund.
I can write about the benefits of an having an emergency fund all day, but the fact of the matter is that you need one. A credit card is not an emergency fund, and neither is your family or friends. Life happens and knowing that you have something in the back for the rainy days lets you sleep better at night.
7) Start a business.
There are a lot of businesses that you can start for under $100. Check our crowdsourcing site for logos (if you need one), and start a website. All of these can be done with minimum costs involved. All you need to do after is to start networking and getting your name out there.
8) Make a will.
This might seem morbid, but if you don’t have one made yet, do so right away.
9) Buy off season produce or clothing.
This is the time of year to stock up. I try to buy my winter coats usually in the spring and my summer clothing in the fall. I love shopping as much as the next person, but the idea here to be prepared, and plan yearly needs, not just instant gratification. This is how you get the most bank for your buck.
